CEO Blog

The holy month of Ramadan

Hisham Farouk Hisham Farouk

 

June marked the start of the holy month of Ramadan. Muslims around the world fast during the holy month of Ramadan which is regarded as one of the five pillars of Islam. The word Ramadan comes from an Arabic word, which means scorching heat or dryness. Whilst fasting from dawn to sunset, Muslims refrain from eating, drinking, smoking and any other non-cleansing activities to remain pure and enlightened.

During Ramadan, Muslims also increase their offering by being charitable and giving during this month, along with praying by reciting the Quran. Muslims believe that the benefits of fasting far outweigh the sacrifices that they make during this month for their faith.

When looking at the fundaments of Ramadan, it can be underpinned to something that is observed around the world by various communities and religions – faith. Faith can be translated into confidence, trust, doctrine of a religion and belief. This transpires into everything that we do as individuals, at home, outside and within business.

As a start-up or SME enters the business environment they enlist the faith of business mentors, communities and organisations like Grant Thornton UAE to support them with their new endeavor. For businesses entering the market or at the concept, start-up and entry phase of the business lifecycle having a mentor who can guide you through the early phase is often seen as a competitive advantage.

Enlisting a mentor who believes and has faith within the business means looking beyond the numbers and truly unlocking potential. The fundaments of faith and the lessons which are sought during the holy month of Ramadan, I believe go further than religion and can resonate in other ways as mentioned.

The global market continues to change and with this change sees the emergence of entrepreneurial SME’s. SMEs account for up to 99 percent of businesses and 40-50 percent of GDP within the UAE. Globally, 50 percent of all jobs are generated by SMEs (as cited in the Gulf news on May 19, 2013), thereby making this an important segment.

As a region, we continue to see a rise in the number of dynamic entrepreneurial startups. We at Grant Thornton UAE believe that it is imperative to support entrepreneurial businesses that with the right business advisors can mature and grow.

It is important to reflect during the holy month of June and think not only about how we can continue to grow as individuals within our homes, but how we can then take this element of faith and apply this within our business exchanges and engagements. At Grant Thornton UAE, we believe it is much more than rubbing stamping opinions and numbers if true potential is to be seen and unlocked – an instinct for growth requires an element of faith which we pride ourselves on.

On the notion of faith, I would like to take this opportunity to wish you and your families a Ramadan Kareem. May you be blessed during this holy month.